Caesars Obtains $400M Loan From VICI Properties, Inc.

Eldorado And Caesars Logo
VICI Properties Inc. announced last Friday that it has provided Caesars Inc. a mortgage amounting to $400M. The loan was in accordance with the LOI entered upon by the contracting companies last June 15, 2020 and is secured by the Caesars Forum Convention Center.

The mortgage has an initial interest rate of 7.7% and a term of five years. It is pre-payable starting in year 3 subject to certain conditions. The Caesars Forum is subject to an amended Put/Call Agreement between VICI and Caesars Inc. with the former’s call option being accelerated to 2025 in connection with the entry into the mortgage agreement.

Conditioned to the Merger

Last June, VICI Properties agreed to loan Eldorado Resorts Inc.$400M via a Letter of Intent (LOI). The loan was to be secured by the recently opened Caesars Forum Convention Center in Las Vegas. It was conditioned to completion of the $17.5B merger between Eldorado and Caesars Entertainment which was completed in July 2020. Additionally, VICI agreed to purchase 23 acres of underdeveloped land near the center of the Las Vegas Strip for $103.5M.

Prior to the merger, Eldorado operated 23 properties in 11 states, including the Eldorado Resort in Nevada and Louisiana, Tropicana properties in New Jersey, Nevada, and Indiana, and the Isle of Capri or Isle properties in Louisiana, Florida, Colorado, Missouri, Iowa, and Mississippi.

Largest CAsino and Entertainment Company in the U.S.

Meanwhile, Caesars Entertainment primarily operated under Caesar’s, Harrah’s and the Horseshoe brands, with properties all over the world including Dubai. The surviving entity is known as Caesars Entertainment, Inc. and is now the largest casino and entertainment company in the United States.

VICI Properties Inc. is one of the largest real estate investment trust companies in the United States. Its geographically diversified portfolio of 31 gaming companies includes the world-famous Caesars Palace and has a total of 50 million square feet. The properties are leased to leading gaming operators like Caesars, Hard Rock Casinos, Century Casinos Inc., JACK Entertainment, and Penn National Gaming.

More of Louisiana’s Casinos Are Being Sold

Louisiana has one of the largest casino industries in the Southern United States. Unfortunately, this industry has been heavily affected by regulations set in place over the past six months. News is now coming out that more of Louisiana’s casinos are being sold.Caesars Entertainment

It’s a very unusual time for major US casino companies. Many are now looking at new ways to save money and generate revenue. Today, we’re going to look at which casino has just been sold in Louisiana.

Let’s get into it!

Casino Revenue Continues to Fluctuate Around the US

It’s been almost six months since casinos around the United States were forced to shut down. Back in March, many casino analysts predicted that things would be back to normal by now. That has not turned out to be the case.

Most states have begun allowing their casinos to open. That includes Nevada and New Jersey, two of the largest gaming destinations in the country. Even New York, which has been extremely slow getting its casino industry back on track, is allowing commercial casinos to open this week.

Revenue is still fluctuating around the country. In Las Vegas, land-based casino revenue is still significantly lower than it was last year. That’s unlikely to change anytime soon, as tourism rates remain low.

Atlantic City has seen a major drop in casino earnings, as well. Casinos in this city have been able to make up for some of these losses from their online casino gaming operations. Many now feel it’s time for Nevada to legalize internet casino gambling.

Online gambling has been growing more popular every single month. A report from the American Gaming Association surfaced last month that shows revenue from this industry has already increased by 300% this year. That will likely increase as the year drags on.

Casino companies are now taking new measures to increase their revenue flow.

Expect More of Louisiana’s Casinos to be Sold Over the Next Few Months

We’ve seen a large number of casino sales over the past couple of years. Many came from Caesars Entertainment, which recently merged with Eldorado Resorts. In order for this merger to come together, Caesars was forced to relinquish many of its properties around the country.

It appears Caesars is not finished with its casino sales. This week, news broke that the major casino operator plans to sell Harrah’s Louisiana Downs Casino this year. It comes less than four months after the property reopened.

Caesars owns the property with VICI Properties, which has also greenlit the sale. Under the current terms, Caesars will receive $16.5 million of the proceeds. VICI will claim the remaining $5.5 million.

Several analysts believe that more of Louisiana’s casinos will be sold in the coming months. The state’s gaming industry has been hit hard this year and it’s unclear when or if things will recover. Some of the casinos in this state suffered damage from Hurricane Laura late last month, as well.

Thousands of jobs are also at risk. A huge number of casinos have been forced to lay off employees this year. More than 15,000 individuals are employed in Louisiana’s casino industry and it’s unclear how many of these jobs will remain in place over the next six months.

We’ll offer more updates on Caesars’ most recent casino sale over the next few weeks.

Sports Betting Could Help Bring Louisiana Much-Needed Revenue

Since mid-2018, every state around the country has been able to set its own laws and regulations on sports betting. 24 states have approved bills to legalize this form of gambling. Many more have bills pending to do the same.

Louisiana seems on the brink of legalizing and regulating its sports betting industry. Lawmakers approved a new sports gambling bill earlier this year. It’s now set to appear on November’s ballot.

If state residents give the green light, sports betting will become fully legal in Louisiana. Most feel this will be hugely beneficial. The state needs money and sports betting has proven to be a huge revenue generator for states around the country.

This could help to save many of Louisiana’s casinos. It’s still unclear if both land-based and online sports gambling options will become available. State leaders will come up with specific regulations in the industry after the ballot results in November.

Some predict that more casino sales in Louisiana will take place this year. Perhaps companies will hold off making this move if sports betting finally becomes legal here.

Are you surprised to hear that Harrah’s Louisiana Downs Casino is being sold? Will sports betting help to prevent more casino sales here? Let us know in the comments section below!

Ex-Harrah’s GM Files COVID Related Case against Caesars Inc.

Harrah's Las Vegas Casino Logo
A former executive at Harrah’s Resort Southern California has filed a lawsuit against Caesars Entertainment Inc., claiming that he was forced to resign after management ignored his concerns that the decision to reopen the casino was dangerous and could expose clients to the COVID-19 virus.

Former top officer Darrell Pilant alleges that the company’s decision to reopen last May caused “serious adverse health and safety consequences involving employees and customers contracting COVID-19. Pilant worked as the Valley Center casino’s general manager and senior vice-president but resigned one day before the reopening of Harrah’s after it was shut down by the pandemic.

Constructively Terminated

In his lawsuit, which was filed before the San Diego Superior Court on Monday, Pilant says that he was repeatedly assured that the county was “on board” with the reopening. Despite voicing his concerns to the management, he stated that the company gave him an “illegal and dangerous” directive to reopen the casino in May.

Pilant argued that he was “constructively terminated” and under his contract, he is eligible for severance equal to one year of his salary. Aside from that, he is also suing for several damages. Pilant resigned on May 21, or one day before the casino reopened to the public.

He worked for nearly 23 years with the company and held several positions in other states before coming to Harrah’s South California in 2011. In 2016, he was promoted to general manager and oversaw all casino operations. Pilant also served on the community board of the San Diego Food Bank and Palomar Health Foundation.

217 COVID-19 Patients Visited Casinos

The San Diego County confirmed that a total fo 217 COVID-19 local patients reported being at a local casino within two weeks of falling ill to the virus. Twelve of them were hospitalized while one, a casino patron, already died.

The 217 cases are tied to seven of the county’s nine tribal casinos and they involve 76 employees and 141 guests. Country spokeswoman Sarah Sweeney noted that even though those who tested positive visited a casino during the period where they were potentially infected, it doesn’t mean that they caught the virus there.

The country has refused to name the specific businesses and casinos where the local transmissions occurred. Like other casinos, the reopening of Harrah’s included health and safety measures that include social distancing, wearing of face masks, and limited operating capacity.

ESPN Opens Vegas Studio for Sports Betting Themed- Content

Caesars Entertainment
ESPN’s Las Vegas studio at the LINQ Hotel and Casino opened on Monday, more than a year after the sports media conglomerate entered in to a sports betting pact with Caesars Entertainment.

The studio will serve as ESPN’s home in sin city and it will be responsible for creating sports-betting related content across ESPN’s platforms. Under the agreement, Caesars will also serve as ESPN’s official odds data supplier across TV and digital.

Said ESPN EVP of Content Connor Schell:

“The appetite for sports betting content continues to grow among fans. Our new studio will not only operate as the headquarters for that content, but it will also anchor our year-round presence in Las Vegas – a city that has become a destination for the biggest events in sports. The LINQ studio allows us to meaningfully cover the lineup of major events on the horizon with our league partners like UFC and Top Rank, the NFL regular season with the Las Vegas Raiders – beginning with the Monday Night Football home opener on Sept. 21 – the Las Vegas Bowl, the NHL’s Vegas Golden Knights, NBA Summer League, and the rescheduled NFL Draft in 2022.”

State of the Art Studio

The 6,000 square foot facility includes three state of the art studios and features 12 cameras, including two exterior robotic cameras. It is the first ESPN studio to fully support 4K resolution and will be launched in Full HD. The studio will operate via ESPN’s REMI production workflow, with 24 transmit and receive paths to ESPN control rooms around the country.

The new studio will bring Vegas-exclusive sports betting and entertainment content to ESPN. The channel’s sports betting show Daily Wager will move to the LINQ studio starting September 8th. Aside from being the channel’s hotbed for sports betting-related content, it will also play a key role during major sporting events, especially in the Las Vegas area.

ESPN is also eyeing to launch a new digital show this fall. The show is a sports betting related content which will be distributed in in multiple platforms. New episodes of this still untitled show will be available three times a week on the ESPN app, Facebook, Twitter, and YouTube. It will also include content from Caesars.

Sports Betting Deal

ESPN’s expansion to the sports betting industry came after the legalization of sports betting across the country. Interestingly, ESPN and Caesars Entertainment announced their deal during the first year anniversary of the legalization of sports betting across the country.

In the past, Nevada had been the only state where sports betting was legal. But last year, states like Iowa, Indiana, Montana, Tennessee, and Washington D.C. joined the scene after seven states legalized it in 2018 following the Supreme Court’s decision to allow states the option to legalize sports betting.

According to the American Gaming Association, the U.S. Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act in 2018 has helped create a sports betting market of $8B in 2019, including a total of $3B which was wagered outside Nevada.

Golden Entertainment Discusses its Future Plans

Golden Entertainment is one of the largest operators of small gaming venues in the United States. Like all other gaming companies, it’s been hit hard by the global pandemic and continues to see its revenue drop. This week, the CEO of this major gaming company began discussing the strategies it will take over the next six months.Golden Entertainment Logo

Casino companies around the country are working on new strategies to increase their revenue flow. This new idea from Golden Entertainment is entirely unique, though. Today, we’re going to look at what the company has planned.

Revenue Reports For Golden Entertainment Have Been Released

Over the past seven days, casino companies around the US have begun releasing reports on their second-quarter revenue. As you’d probably expect, all these companies have seen their revenue reports plummet. Some are being hit harder than others.

Golden Entertainment released its 2020 Q2 report yesterday. In many ways, these reports exceeded the expectations of analysts. That’s surprising when considering the company saw its revenue drop by nearly 70% over April, May, and June.

Casinos made up for $39.4 million of Golden Entertainment’s revenue. That’s a staggering 75.2% drop when compared to 2019’s Q2. The company’s smaller gaming venues offering almost exclusively slot games earned just $36.3 million. This shows a 59.3% revenue drop.

Officials within this company claim these reports “exceeded expectations.” Fortunately, Q3 of 2020 is guaranteed to be significantly better. Most still expect that a major drop in revenue will be seen.

All casino companies are hurting right now. They are being forced to take new strategies in order to boost their earnings. Some are finding success switching things up and others seem to be lost.

This week, executives within Golden Entertainment offered some insight into what the company has planned for the rest of 2020.

Golden Entertainment’s Executives Offer a Glimpse Into Company’s Future Plans

In March, the US casino industry was shut down. Starting in June, this industry started to get back on track and most states now allow their casinos to operate. As we just mentioned, casino companies are looking at new, creative ways to boost their revenue earnings.

Several executives within Golden Entertainment spoke about the company’s future plans to the media this week. That includes CEO Blake Sartini, who claims the casino operator will begin looking to purchase “smaller, bite-sized” assets.

Executives also seem interested in breaking more into the emerging East Coast-gambling industry.

“And so adding density to the Eastern Seaboard for us is something we’ll certainly take a look at,” said Charles Protell, President of Golden Entertainment. 

As we already mentioned, this company was happily surprised to see its revenue reports. Many credit the reduction in marketing efforts as a reason for this. Cuts to staff payroll and the resumption of casinos in different states such as Montana and Maryland has helped, as well.

No one expects Golden Entertainment to start buying any major casino-resorts this year. Instead, company officials want to continue buying small, local gaming venues. This may be the smartest move in a time when many are unwilling to visit large, crowded casinos.

Other companies seem focused on property sales right now.

Eldorado-Caesars Still Needs to Complete Casino Sales

Back in May of 2019, Eldorado Resorts announced it was purchasing Caesars Entertainment for an astounding $17 billion. It was the largest casino merger ever attempted. For more than a year, these two companies worked to complete this deal.

Various state gambling commissions needed to approve the deal. These regulatory bodies needed to ensure the merger would not result in monopolies in their states. The FTC also needed to give this deal the green light.

Late last month, this merger was finally completed. It took longer than many expected and didn’t come at the most ideal time, though. Now, the new Caesars is focused on selling some more of its casinos around the country.

Paying $17 billion is nothing to scoff at. This newly-merged company now needs to make up for that incredible amount of money. One way to achieve that goal is to sell casinos that may not be bringing in major revenue right now.

It’s a much different strategy than Golden Entertainment is taking. One is focused on selling and the other wants to make more purchases. We’ll need to wait and see which method ends up working out better as time goes on.

Stay tuned for more US casino news over the next few months!

Churchill Downs is Likely to Buy Caesars Southern Indiana Casino

Indiana’s casino industry is in a very interesting position. Not long ago, the state’s Gaming Board officially approved the massive merger between Caesars Entertainment and Eldorado Resorts. Rumors are now beginning to surface that Churchill Downs is interested in buying Caesars Southern Indiana Casino.Churchill Downs

Many feel this move makes sense. This purchase would give this company a huge new stake in the Indiana casino industry. Today, we’re going to look at when Caesars Southern Indiana might be taken over.

Let’s get into it!

Indiana Gaming Board Finally Approves Eldorado-Caesars Merger

In mid-2019, officials within Eldorado Resorts and Caesars Entertainment announced they planned to merge. Caesars had been struggling for years and some experts predicted that another casino company would take it over. The news of the Eldorado-Caesars merger spread like wildfire.

After the merger, this would become the most powerful casino company in the United States. Obviously, a deal of this size takes a long time to complete. The FTC and various state gambling commissions around the country needed to approve the deal before it could come together.

As time went on, more of these commissions gave approval. Towards the end, only Nevada, New Jersey, and Indiana were left to give the green light. In early July, officials within the Indiana Gaming Board gave Eldorado and Caesars the thumbs up to come together.

It was incredible news for these companies. They have since gained all final approvals to come together. Eldorado will take on the Caesars name and now has permission to control all of its properties around the world.

In order for Indiana to approve this deal, however, the Gaming Board requires Caesars to sell some of its properties. That includes the Caesars Southern Indiana Casino. Some analysts are now making their predictions on which company will purchase this popular casino.

Experts Predict Churchill Downs Will Buy Caesars Southern Indiana Casino

As we just mentioned, the new Caesars is now the most powerful casino company in the country. Indiana’s Gaming Board recognized that once the merger is complete, the new company would control 50% to 60% of the state’s gambling revenue. Board members required the company to sell three of its major properties in the state before the merger could be approved.

The Caesars Southern Indiana Casino is set to go up for sale. Many now feel that Churchill Downs will acquire this new venue. It would give the Louisville, Kentucky-based company a major advantage in the local gambling scene.

Indiana gambling analyst Ed Feigenbaum called the move a “no-brainer,” and believes it would help to significantly increase Churchill Downs’ revenue flow.

“Churchill can protect its backyard, add to its Indiana customer base, and obtain a missing link between its Chicagoland properties and Louisville,” he said. “The company has the resources, and should have no trouble being licensed.”

Officials at Churchill Downs are keeping quiet about this possibility. It’s likely that several different companies will bid for the right to acquire this gambling venue.

Is now the best time for companies to invest in new properties, though?

US Casino Companies Remain in a Tough Spot

When the merger between Eldorado and Caesars was first announced, it seemed like the perfect move for both companies. No one could have predicted where the casino industry would be at the time of the merger’s completion. Obviously, things are not ideal right now for major US casino companies.

Gambling revenue across the country remains significantly lower than it was in 2019. Despite most states reopening their casinos, visitation to these gambling venues remains low. Many simply don’t want to play inside a crowded casino during a global pandemic.

This is affecting certain parts of the country worse than others. Casino companies continue to do everything they can to increase their revenue figures. That includes increasing safety measures inside casinos and focusing more on online gambling operations.

Some feel that this is not the best time for casino companies to buy major properties. No one really knows how things will look six months from now. There’s a chance that the US casino industry is in an even worse spot than it is right now.

On the other hand, casino sale prices may be lower now than they were last year. Perhaps that offers Churchill Downs a good opportunity with Caesars Southern Indiana Casino. We’ll need to wait and see how this company moves forward over the next few weeks.

Stay tuned for more US casino news over the next few weeks!

Here’s a Look at the Biggest Casino Company in the US

The massive merger between Eldorado Resorts and Caesars Entertainment has officially been finalized. It took more than a year and an incredible amount of effort. With the deal now done, Eldorado and Caesars have formed the biggest casino company in the US.Eldorado And Caesars Logo

This is a historic moment for the US casino industry. Many analysts are now looking at how this merger will affect different states moving forward. We’ll also look at ways this new company plans to deal with the current issues plaguing land-based casinos.

Let’s get into it!

With Final State Approval, Eldorado and Caesars Could Finally Merge

Eldorado Resorts and Caesars Entertainment first announced they planned to merge back in June of 2019. Obviously, this news spread like wildfire. Eldorado agreed to pay $17.3 billion to acquire Caesars; the most expensive purchase in the history of casino companies.

State gambling commissions around the country took notice. Before these two companies could merge, they would need approval from all the commissions they operate in. These government bodies want to ensure the newly-merged company would not result in a monopoly.

Gaining state approval became priority number one. Both Eldorado and Caesars were forced to sell many of their properties in order to get the green light from various commissions. As the months went on, more and more of these commissions approved the merger.

Last month, the FTC finally gave it the go-ahead, as well. This was a crucial step for both companies. Only three more commissions were needed to approve the deal. Eldorado and Caesars arranged meetings with members of these commissions in Las Vegas earlier this month.

First Nevada approved the deal. Not long afterward, Indiana did the same. Late last week, New Jersey’s gaming commission finally gave it a thumbs up, too. With that final approval, this massive deal could finally conclude.

The Biggest Casino Company in the US has Just Been Formed

After more than a year, the massive deal between Eldorado Resorts and Caesars Entertainment has concluded. These companies are now under one banner, making this the biggest casino company in the US. That’s a big statement when considering some of the other casino companies here such as MGM Resorts International and Las Vegas Sands.

Moving forward, the company will keep the Caesars name. It will take control of all 55 properties across many different states. Tom Reeg, CEO of the newly-merged company, has some interesting ideas to immediately boost revenue. Much of his strategy involves cutting down on unnecessary costs.

It’s being reported that most of the company’s properties outside of Las Vegas will remove buffets. These are said to cost an estimated $3 million per year. Ultimately, the juice is not worth the squeeze.

Anthony Carano, COO of the company, also gave some insight on how it plans to make up for its $13 billion debt. He claims most properties outside the US will be sold. It’s possible that several more US casino sales will also take place.

This is a very interesting time for the US casino industry. The biggest casino company in the US has just been formed, yet many gambling venues around the country remain shut down. What are analysts saying about the future of this industry?

Experts Predict More Tough Months Ahead for Casino Companies

The world is in an unprecedented time right now. Never before have entire economies been shut down like they have been over the past few months. The land-based casino industry in the US has been hit particularly hard due to the regulations set in place.

In many states, only Native American casinos are able to operate. These venues sit on sovereign land and do not need to abide by state regulations. Commercial casinos, like the ones found in Las Vegas, can be shut down at a moment’s notice.

Obviously, all US casino companies have been keeping a close eye on new regulations. Some parts of the country are allowing these venues to operate. Others have not yet given the green light for casinos to reopen.

Most analysts predict another tough six months ahead for these casino companies. Even the casinos now reopened are seeing much lower revenue earnings than they did back in January. Some may be forced to close again if rates of Covid-19 don’t begin to decrease.

This obviously isn’t great news for the biggest casino company in the US. Caesars will now be looking to adapt to this market, with an emphasis on online sports betting, in particular. We may see this entire industry evolve as the months go on.

Stay tuned for more US casino news!

New Jersey Officially Approves Eldorado-Caesars Deal

For more than a year, two companies have been working to join forces and become the largest casino operator in the country. It’s been a long, sometimes frustrating journey for Eldorado Resorts and Caesars Entertainment. Fortunately, it looks like this deal is nearly complete. New Jersey has officially approved the Eldorado-Caesars deal; the final green light needed for the companies to merge.The Word Approved Written In Red

The champagne is flowing over in Nevada. Today, we’re going to look at what led to New Jersey’s approval. We’ll also discuss what still needs to be done for these companies to officially become one.

Timeline of the Eldorado Resorts-Caesars Merger

Eldorado Resorts has long been one of the most powerful casino companies in the United States. It’s grown considerably over the years and now owns property in many different states. Eldorado CEO Tom Reeg continued to tell the media he wanted to expand even further over the past few years.

In June of 2019, Reeg’s ambition became clear. News broke that Eldorado Resorts had agreed to purchase Caesars Entertainment for an incredible $17.3 billion. With the purchase, all of Caesars’ assets would become Eldorado’s.

It’s the largest merger between two casino companies in history. In order for the deal to go through, these companies needed approval from the various gambling commissions in the states they operate in. The FTC also needed to approve the deal to ensure this company does not form a monopoly.

Company officials immediately began working to gain these approvals. Many different properties needed to be sold. Eldorado and Caesars were doing what was required and the companies continued to receive the green light from different gaming commissions.

In late June, the FTC formally approved the Eldorado-Caesars deal. Only three more states needed to sign off on the deal for it to complete. Nevada gave a thumbs up and just a few days later, Indiana did the same. It then all came down to New Jersey’s commission.

This week, the last approval needed for this merger to go through was granted.

New Jersey Finally Agrees to Allow the Eldorado-Caesars Deal

It wasn’t a surprise to see states take so long to approve this deal. Once it’s complete, Eldorado-Caesars will become the country’s most powerful gaming company. Commissions want to do everything they can to ensure things are fair for the other casino companies operating in their territory.

New Jersey, in particular, was very slow to give the green light. It forced a number of property sales in Atlantic City. Commission officials met on many occasions to discuss the impact that this merge will have on the state’s casino industry.

Last week, members of this commission met for a final time in Las Vegas. Here, officials within Eldorado Resorts and Caesars explained how things will remain competitive for all other casinos in Atlantic City. It seems their efforts have finally paid off. The commission officially gave these companies its approval.

Commissioner Alisa Cooper made sure to stress that “The stakes could not be any higher” once these companies come together. Ultimately, she and other commission members felt confident that the newly-merged company would not concentrate too much of the local gambling economy.

With New Jersey’s approval of the Eldorado-Caesars deal, things are now close to being finalized. This merger is expected to finish in the next few days. A few more papers need to be signed, yet all the hard work is now done in getting the deal done.

Will This Deal End Up Paying Off for Eldorado Resorts?

When Tom Reeg first agreed to purchase Caesars Entertainment, he likely had a much different idea of what this week would look like. At the start of 2020, the casino industry was surging and most felt things would continue on that path for years to come. In just a few months, the country’s land-based gambling industry was turned on its head.

Casinos around the country have begun to reopen. Some have since had to close down due to a spike in Covid-19 cases. Many casino companies are now being forced to lay off thousands of their workers.

It’s clear that the casino industry is in a tough place. New Jersey’s gaming revenue was 66% lower in June of this year than it was in 2020. It’s important to note that casinos had not opened here until July, though. Most analysts predict that casino revenue will continue to be significantly lower this year, even after casino markets reopen.

Eldorado paid $17.3 billion to acquire Caesars. Company officials likely hoped that this money would immediately begin flowing back in from its new properties. That may not necessarily be the case right now.

No one can really say how things will look in the future. It’s hard to imagine the land-based casino industry never recovering. We’re in strange times, however, and it could be years before casinos truly get back to the levels they were at last year.

With New Jersey’s approval, the Eldorado-Caesars deal can finally conclude. Now, the focus for this new casino giant will be increasing its revenue flow. Stay tuned for updates over the next few weeks.

The New Danville Casino Plans Have Been Approved!

For years, lawmakers in Virginia have discussed ways to effectively expand the state’s gambling industry. One of the ways to achieve this goal is to open a large new casino in the city of Danville. According to new reports, the new Danville casino plans have officially been approved by the Virginia Lottery.

New Danville Casino Plans

It’s a big step in getting this venue built. Today, we’re going to look back at the state’s road to opening more casinos. We’ll also look at what else needs to be done in order for the Danville casino to open.

Let’s get into it!

History of Gambling Legislation in Virginia

Back in the 1800s, Virginia had one of the largest gambling industries in the United States. By the turn of the century, lawmakers here began to associate this industry with crime. They eventually made the decision to ban nearly all forms of traditional gambling.

This legal ban on gambling remained in place for decades. Beginning in the 1990s, however, state officials here began to change their stance. Many recognized how much money having a regulated casino industry could bring the state.

Several bills to legalize casinos were presented over the past 20 years. None managed to gain any traction. Fortunately, things appear to be changing. In March of this year, Virginia’s House of Delegates finally approved a measure to allow several commercial casinos to open around the state.

This was one of the crucial steps needed to get this bill put into legislation. Since that time, many have been working to come up with specific plans to open casinos in different cities. Casino proponents want to clearly explain how opening a casino will help the state’s economy.

Since 2019, lawmakers have been interested in opening a casino in the city of Danville. Many residents of this city have supported the idea, as well. It now appears we’re closer than ever to seeing a casino constructed here.

Virginia Lottery Approves the New Danville Casino Plans

City officials in Danville have been working hard to get their casino plans approved. It certainly hasn’t been easy, though. The state’s Lottery Commission, responsible for monitoring all gambling activities here, needed to give its approval for the project to move forward.

Fortunately, that’s what’s happened this week. The Virginia Lottery has officially pre-certified the new Danville casino plans. This paves the way for the casino referendum to make its appearance on November’s ballot. Voters in the city will then ultimately decide whether or not to allow a casino.

Ken Larking, City Manager of Danville, spoke about the situation to the media this week.

“It’s certainly good news,” he said. “We’re glad Caesars was able to pull together the necessary information and show the state that they are capable of developing a high-quality project in our community.”

Officials in the city of Danville are obviously excited to see this project move forward. Recently, the Lottery also approved casino projects in Bristol, Norfolk, and Portsmouth. Of course, approval of these projects does not mean a casino license is guaranteed. This is a separate process that takes place once voters approve the casino referendum.

It’s established that Caesars Entertainment will operate the casino expected to be built here. As many know, this company is involved in a massive merger with Eldorado Resorts right now. Here’s where things stand with that situation.

New Jersey Gaming Commission Gives Approval For Eldorado-Caesars Merger

The higher-ups in Caesars Entertainment have to be excited to hear that the new Danville casino plans have been approved. Of course, most of the company is solely focused on its merger with Eldorado Resorts. Back in June of 2019, Eldorado paid an incredible $17.3 billion to acquire Caesars and its assets.

This is the largest merger between two casino companies in history. Our team has been covering the merge for more than a year. Obviously, such a massive deal takes a long time to complete.

Initially, the plan was for everything to be finished by June of this year. After several delays, company officials pushed the finalization date to July. It now appears that things will be completed in August.

Eldorado and Caesars recently gained approval from the Nevada and Indiana Gaming Commissions. These companies now only need the green light from New Jersey’s regulators for things to move forward. Hope was that this would get done before the end of the week.

News has just broken that New Jersey has officially approved the merger. It was the final hurdle in the way of the deal closing. Only a few more easy steps are needed before the country’s largest casino merger is done!

These companies have reason to celebrate. Their deal is nearly complete, and the new Danville casino plans have officially been approved. Stay tuned for more news on Virginia’s casino industry over the next few weeks!

Indiana Horse Racing Commission Approves Eldorado and Caesars to Merge

The merger between Eldorado Resorts and Caesars Entertainment has been ongoing since June of 2019. As many already know, it’s the largest deal ever made between two casino companies. Before this merger can be completed, both companies need approval from various state gambling commissions. This week, the Indiana Horse Racing Commission officially approved Eldorado and Caesars to merge.Eldorado And Caesars Logo

It’s fantastic news for these major casino operators. This deal is close to being finalized. Now is the perfect time to look at what still needs to be done for this massive deal to finally conclude.

Let’s get into it!

Meetings With State Gambling Commissions Have Concluded

Back in June of 2019, Eldorado Resorts shocked the US gambling industry by announcing it paid an incredible $17.3 billion to acquire Caesars Entertainment. Both Eldorado and Caesars have major casino-resorts all over the country. This merger would form the largest casino company in the United States.

It takes a long time for something like this to come together. Various state gambling commissions need to approve this merger. Before it could come together, the FTC also needed to ensure this deal would not result in a monopoly.

After more than a year, it seems this merger is nearly finished. The FTC has officially given the green light for both companies to join forces. After, only three more state gambling commissions needed to approve the deal.

This month, members of Eldorado and Caesars have been meeting with members of the New Jersey, Indiana, and Nevada gambling commissions. Nevada gave its approval for the deal last week. Only two more commissions were left.

Officials within Eldorado and Caesars met with regulators in Indiana on July 10th. Some felt that these commission members may find some issues with the deal. Fortunately, they have given the green light for things to move forward.

Indiana Horse Racing Commission Approves Eldorado and Caesars to Merge

The meetings taking place in Las Vegas right now are historic. With approval from the three commissions, these companies can finally come together. New reports confirm that two of these commissions have now officially given the green light.

The official Indiana Gaming Commission approved this deal to move forward last Friday. Today, members of the Indiana Horse Racing Commission unanimously voted to allow Eldorado and Caesars to merge, as well. It’s the final hurdle needed for both companies to come together in Indiana.

With this decision, horse racing licenses from Harrah’s Hoosier Park and the Indiana Grand can now be transferred from Caesars to Eldorado Resorts. Of course, there are 22 conditions that must be met for the licenses here to remain valid.

Eldorado Resorts’ CEO Tom Reeg commented on the approval during the meeting, promising to help grow the state’s gambling industry.

“We know that racing is why you have the casino opportunities that you have in these two properties, and our pledge to you is to drive that racing business to another level,” Reeg said. “You’re already at a really high level. We’ll work to take it even higher.”

With the news, these two companies only need approval from one more state. Investors are now looking closely at how Eldorado’s share prices may change over the next few weeks.

Investors Are Now Looking Closely at Eldorado Resorts

Everyone feels that commission members in New Jersey will give the green light for this merger to move forward. Once that happens, Eldorado Resorts will become the largest casino company in the US. Obviously, that’s an exciting prospect for investors.

Recently, several major US casino companies saw their share prices surge. China announced that travel restrictions to and from Macau were lifting. As a result, many US casino companies with property in Macau are likely to see their earnings increase rapidly.

This goes to show how many opportunities are available for investors in this industry. According to a new report, Eldorado’s stock price could increase by an incredible 150% over the next couple of weeks.

It’s an extremely unusual time for the world’s land-based casino industry. Casino companies are doing everything they can to attract new players and increase their revenue. Just about everyone expects Eldorado and Caesars to merge sometime next month.

We’ll continue to offer updates on this historic deal. Our team will also continue to write about the situation over in Macau. Stay tuned!